With the slipping dollar, Australia will soon be at the forefront of global marine export success for both quality products and services and a competitive price edge.
Since 2001, the Australian dollar has been on an upward trend against the US dollar. Whilst this high dollar may have proven inconvenient for the struggling Australian inwards tourism sector, Australian marine exporters chose to innovate their products and services to produce the highest quality material on a global scale.
The Australian dollar has shown a gradual slip lately, enabling a more competitive edge against the US dollar, yet is still high enough to maintain Australia’s high reputation for quality and innovation. The established success of the Australian marine export market can be narrowed down to two factors; the change of business and market strategy and innovation.
The Australian marine industry consists of 2700 companies employing more than 29,000 people. The diverse industry speckles an immense coastline, it features an array of resources and expertise, ranging from boat-builders to marine equipment and components manufacturing exporters are able to promote their products as ‘the best of the best’ to the international market.
With an approximate turnover of A$5.5 billion and exporting over A$750 million worth of products each year, the Australian marine industry has sustained resilience in the face of past temperamental economies.